Oil prices jump as OPEC+ keeps production largely steady through April

An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria. /VCG Photo

Oil prices jumped on Thursday after OPEC and its oil-producing allies said the group would keep production largely steady through April, CNBC reports.

Saudi Arabia also said that it would extend its one million barrels per day voluntary production cut into April.

According to the CNBC report, the group approved the continuation of current production levels for April, except that Russia and Kazakhstan will be allowed to increase production by 130,000 and 20,000 barrels per day respectively.

International benchmark Brent crude futures jumped 5.6%, or $3.61, to $67.68 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 5.7%, or $3.51, to trade at $64.79 per barrel.

Analysts had broadly expected OPEC+ to reverse some of the output cuts it made last year.

(With input from agencies)